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CMU trustees schedule special meeting to finalize financial audit

Open session to be held Thursday, Oct. 22 at 9:30 a.m.

Contact: Heather Smith

​Central Michigan University’s Board of Trustees will meet in special session this week to receive the independent audit of the university’s 2014-2015 financial statements.

Trustees reviewed the audit by Plante Moran, the university’s external audit firm, at their September meeting. Auditors issued a clean, unmodified opinion — the highest opinion possible, however the audit couldn’t be finalized until the Michigan Auditor General determined CMU’s share of a pension liability to the Michigan Public School Employees Retirement System.

The liability is about about $93 million. The liability will result in a direct reduction of the university’s unrestricted net position.

The MPSERS pension system is underfunded, creating a significant liability for Michigan’s K-12 schools, community colleges and seven public universities, including CMU. 

Thursday’s meeting begins at 9:30 a.m. in the Bovee University Center’s President’s Conference Room and is open to the public. Receiving the independent audit report is the only item on the agenda.

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